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Equity Incentive Plan (Tables)
12 Months Ended
Dec. 31, 2015
Equity Incentive Plan  
Schedule of stock option activity

                                                                                                                                                                                    

 

 

Number of
Shares Subject
to Option

 

Weighted
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

Options outstanding, December 31, 2012

 

 

1,017,195

 

$

17.25

 

8.2 years

 

$10.6 million

Granted

 

 

209,268

 

 

32.50

 

 

 

 

Exercised

 

 

(54,781

)

 

16.86

 

 

 

$1.0 million

Forfeited

 

 

(37,232

)

 

23.00

 

 

 

 

Expired

 

 

(535

)

 

34.82

 

 

 

 

​  

​  

​  

​  

Options outstanding, December 31, 2013

 

 

1,133,915

 

$

19.89

 

7.6 years

 

$14.0 million

Granted

 

 

 

 

 

 

 

 

Exercised

 

 

(307,022

)

 

16.10

 

 

 

$5.6 million

Forfeited

 

 

(64,851

)

 

25.83

 

 

 

 

Expired

 

 

(3,947

)

 

15.80

 

 

 

 

​  

​  

​  

​  

Options outstanding, December 31, 2014

 

 

758,095

 

$

20.94

 

6.7 years

 

$13.7 million

Granted

 

 

 

 

 

 

 

 

Exercised

 

 

(410,322

)

 

20.15

 

 

 

$12.0 million

Forfeited

 

 

(7,281

)

 

27.53

 

 

 

 

Expired

 

 

(282

)

 

15.23

 

 

 

 

​  

​  

​  

​  

Options outstanding, December 31, 2015

 

 

340,210

 

$

21.77

 

5.8 years

 

$11.9 million

​  

​  

​  

​  

​  

​  

​  

​  

Exercisable at December 31,

 

 

 

 

 

 

 

 

 

 

2013

 

 

498,176

 

$

16.51

 

7.1 years

 

$7.8 million

2014

 

 

474,132

 

$

18.78

 

6.4 years

 

$9.6 million

2015

 

 

234,943

 

$

18.47

 

5.4 years

 

$9.0 million

 

Schedule of unvested shares subject to options

 

                                                                                                                                                                                    

 

 

Number of
Shares Subject
to Option

 

Weighted
Average Fair
Value at
Grant Date

 

Unvested balance, December 31, 2012

 

 

730,159

 

$

5.70

 

Granted

 

 

209,268

 

 

10.01

 

Forfeited

 

 

(37,232

)

 

7.21

 

Vested

 

 

(266,456

)

 

5.54

 

​  

​  

​  

​  

Unvested balance, December 31, 2013

 

 

635,739

 

$

7.10

 

Granted

 

 

 

 

 

Forfeited

 

 

(64,851

)

 

8.03

 

Vested

 

 

(286,924

)

 

6.25

 

​  

​  

​  

​  

Unvested balance, December 31, 2014

 

 

283,964

 

$

7.75

 

Granted

 

 

 

 

 

Forfeited

 

 

(7,281

)

 

8.48

 

Vested

 

 

(171,416

)

 

6.86

 

​  

​  

​  

​  

Unvested balance, December 31, 2015

 

 

105,267

 

$

9.13

 

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of assumptions used to value the stock options granted

                                                                                                                                                                                    

 

 

2013

 

Expected term (in years)

 

 

6.25 

 

Expected volatility

 

 

43.86 

%

Expected annual dividend

 

 

3.33 

%

Risk-free rate

 

 

1.26 

%

 

Schedule of restricted awards and RSUs

 

                                                                                                                                                                                    

 

 

Restricted
Awards and
Units

 

Weighted
Average Fair
Value at
Grant Date

 

Unvested balance, December 31, 2012

 

 

598,695

 

$

21.37

 

Granted

 

 

194,302

 

 

32.43

 

Forfeited

 

 

(58,199

)

 

28.44

 

Vested

 

 

(239,647

)

 

20.96

 

​  

​  

​  

​  

Unvested balance, December 31, 2013

 

 

495,151

 

$

25.08

 

Granted

 

 

216,175

 

 

31.51

 

Forfeited

 

 

(109,798

)

 

27.64

 

Vested

 

 

(207,512

)

 

22.79

 

​  

​  

​  

​  

Unvested balance, December 31, 2014

 

 

394,016

 

$

29.10

 

Granted

 

 

187,644

 

 

47.41

 

Forfeited

 

 

(34,788

)

 

36.06

 

Vested

 

 

(169,260

)

 

26.96

 

​  

​  

​  

​  

Unvested balance, December 31, 2015

 

 

377,612

 

$

38.51

 

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of assumptions used to value performance stock awards

 

                                                                                                                                                                                    

 

 

2015

 

2014

 

Expected term (in years)

 

 

2.83 

 

 

2.83 

 

Expected volatility

 

 

25.51 

%

 

32.98 

%

Expected annual dividend

 

 

 

 

 

Risk-free rate

 

 

1.02 

%

 

0.64 

%